California State Teachers Retirement System Sells 17,424 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

California State Teachers Retirement System lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,178,124 shares of the electric vehicle automaker's stock after selling 17,424 shares during the period. California State Teachers Retirement System owned 0.10% of Rivian Automotive worth $15,669,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RIVN. Brighton Jones LLC boosted its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. Blue Trust Inc. boosted its position in Rivian Automotive by 68.6% in the fourth quarter. Blue Trust Inc. now owns 7,640 shares of the electric vehicle automaker's stock valued at $102,000 after buying an additional 3,109 shares in the last quarter. SteelPeak Wealth LLC boosted its position in Rivian Automotive by 46.4% in the fourth quarter. SteelPeak Wealth LLC now owns 18,560 shares of the electric vehicle automaker's stock valued at $247,000 after buying an additional 5,886 shares in the last quarter. R Squared Ltd acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $53,000. Finally, Swedbank AB lifted its holdings in shares of Rivian Automotive by 5.6% during the fourth quarter. Swedbank AB now owns 502,644 shares of the electric vehicle automaker's stock worth $6,685,000 after purchasing an additional 26,474 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Trading Up 2.9%

Shares of RIVN stock traded up $0.41 on Tuesday, hitting $14.51. 9,371,122 shares of the company's stock traded hands, compared to its average volume of 36,159,252. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $18.86. The company's fifty day simple moving average is $13.31 and its 200 day simple moving average is $12.92. The stock has a market capitalization of $16.41 billion, a price-to-earnings ratio of -3.07 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business earned ($1.48) EPS. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 9,937 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the transaction, the chief financial officer now directly owns 851,637 shares in the company, valued at $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock worth $5,201,750 over the last three months. 2.16% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. Wedbush dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Piper Sandler upped their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.